Royal Challengers Bengaluru (RCB), one of the Indian Premier League’s most iconic franchises, is officially on the block. British spirits major Diageo Great Britain, which owns the team through its Indian arm United Spirits Limited, has initiated formal sale discussions, marking one of the biggest potential ownership shifts in IPL history.
Diageo’s Strategic Exit
After overseeing the franchise for nearly a decade, Diageo has reportedly appointed Citibank and other advisors to manage the transaction. Sources close to the matter reveal the company is fielding interest from at least six potential buyers at a valuation of around $2 billion (₹17,600 crore).
Diageo India’s MD and CEO Praveen Someshwar recently reinforced this direction, describing RCB as “an exciting business but non-core for Diageo” — signaling a sharper focus on the company’s primary liquor portfolio.
The move follows RCB’s historic maiden IPL title win in June 2025, when Rajat Patidar led the team to victory over Punjab Kings (PBKS). However, the triumph was shadowed by tragedy, as a stampede during the victory parade in Bengaluru claimed 11 lives, triggering introspection within the franchise management.
The Six Potential Buyers
According to reports, the interest in RCB’s ownership includes a mix of Indian corporate powerhouses and international investors. The list features:
- Adar Poonawalla, CEO of Serum Institute of India, and rumored to be partnering with a U.S.-based investment fund.
- Parth Jindal representing the JSW Group, though his co-ownership of the Delhi Capitals alongside GMR Group could pose cross-ownership conflicts under BCCI rules.
- The Adani Group, which has repeatedly expressed interest in owning an IPL team and already runs the Gujarat Giants in the Women’s Premier League.
- A Delhi-based tycoon with multi-sector interests.
- Two unnamed U.S. private equity firms, believed to be exploring joint bids for full or partial acquisition.
Valuation Drivers and Media Rights Boom
Cricbuzz’s analysis suggests that the valuation logic rests on the IPL’s media rights trajectory. With the JioHotstar merger surpassing 500 million subscribers, even a notional ₹100/month IPL add-on could hypothetically generate ₹20,000 crore per season in subscription revenue before advertisements. The league’s current media rights cycle is valued at $6.3 billion, and the next (2027) auction could exceed that substantially.
This exponential growth explains why investors view IPL ownership not just as a sporting venture but as a media and digital entertainment asset, comparable to global leagues like the NBA and Premier League.
Lalit Modi’s Statement Reinforces the Buzz
Adding to the momentum, former IPL chairman Lalit Modi publicly confirmed the sale via a detailed post on X (formerly Twitter), noting that RCB’s owners have “finally decided to take it off their balance sheet.” Modi predicted that the sale “will set a new record valuation” in the IPL, positioning RCB as “the only full franchise available for outright sale.” He applauded Citibank’s role in advising the transaction and hinted that a global or sovereign wealth fund might ultimately acquire the team.
There have been a lot of rumour about the sale of an @IPL franchise specifically @RCBTweets – well in the past they have been denied. But it seems the owners have finally decided to take it off their balance sheet and sell it. I am sure having won the IPL last season and also… pic.twitter.com/ecXfU5n5v5
— Lalit Kumar Modi (@LalitKModi) September 29, 2025
The Brand Legacy and the Road Ahead
From being purchased by Vijay Mallya’s United Breweries in 2008 for $111.6 million — the second-costliest IPL team at the time — to becoming the top-valued franchise at $269 million brand value, RCB’s journey exemplifies IPL’s transformation into one of the world’s fastest-growing sports leagues.
While internal divisions reportedly exist between Diageo’s UK headquarters and its Indian operations regarding the timing of the sale, the process appears firmly underway, with Citi expected to manage a structured auction among the shortlisted bidders
